Study On The China’s Enterprise Annuity Information Disclosure And Influence Factors

At present, China has entered a rapid development stage of population aging. The enterprise annuity system, has become an important part of the social security system of the multi pillar old-age, more and more attention by the government and the public. Quickly implementing and improving the pension system plays a positive role in the construction of multi-level old-age security system. After the Third Plenary Session of the eighteen proposed the reform of social security system, the research on enterprise annuity background to accelerate the development of the enterprise annuity system of this, with the sense of the times. In recent years, the development of the enterprise annuity of our country has obtained a certain result, many enterprises have begun to build enterprise annuity plan. However, the development of China’s enterprise annuity system is still not perfect, hindered the enterprise annuity of efficient and orderly development, construction and to improve the development of enterprise annuity system as soon as possible. And information disclosure is an important aspect of the enterprise annuity system, plays an important role in the development of. So this article from the perspective of information disclosure of pension has certain practical significance.Through the review of previous literature, this paper obtains in the current our country involves the study of corporate pension disclosure is little, the conclusion that to strengthen the study on the information disclosure of pension. Through the arrangement of enterprise annuity concept and related theory, it provides the theoretical foundation for the research of corporate pension disclosure. And then on the Shanghai and Shenzhen 300 index statistics through the A shares of listing Corporation 2012 annual report, current status of corporate pension disclosure is analyzed from the corporate pension disclosure, disclosure of the proportion of the position, the disclosure of the contents of several aspects. In the process of analysis of the current situation, found that the differences in the extent of information disclosure of enterprise annuity, and then explores the influence of corporate pension disclosure degree of factors from the empirical point of view. Through the analysis to find out the existing problems and influencing factors of the pension information disclosure, and puts forward the suggestions.The disclosure of information of enterprise annuity in the samples selected in the analysis, some conclusions were obtained. There is currently no enterprises are required to make mandatory disclosure of pension information, have listing Corporation began to voluntary disclosure. However, China’s current in the pension information disclosure still exist many problems, including:(1) the corporate pension disclosure ratio is not high; (2) the corporate pension disclosure varies in different regions and industries; (3) the enterprise annuity information lacks Pi Lu ping’s multiple channels, to disclose the location and the format is not unified; (4) the corporate pension disclosure degree is different, but the content is too simple. Based on the analysis of factors affecting the degree of corporate pension disclosure, starting from the enterprise business characteristics and governance structure perspective, the company size, profitability, the proportion of tradable shares, the proportion of the independent directors of these factors will influence a certain degree of information disclosure of enterprise annuity. Aiming at the existing problems and influencing factors of corporate pension disclosure of information, this paper proposes the establishment of the enterprise annuity reporting, improve relevant laws and regulations, increase the disclosure of platform, from the perspective of corporate governance improvement of enterprise annuity internal supervision and a series of countermeasures and suggestions.